Woolworths rejects store takeover proposal

Woolworths has this morning rejected an offer to take its stores off its hands.
A consortium including the founder of the Iceland frozen food retailer, Malcolm Walker, and Baugur approached Woolworths with a view to acquiring its 815 stores for a reported £50m.

However, Woolworths says that the offer – which did not include the group’s entertainment businesses – would involve complex and impractical restructuring and undervalued Woolworths’ assets.

The company said recently that it would be focussing on its small to medium-sized stores.

Check Also

Brits head back to the high street as hospitality and leisure businesses reopen

Latest data from retail expert Springboard reveals that footfall in in England’s high streets rose …